Do you have earthquake coverage (E/Q) with your homeowners or business insurance? Most homeowners and commercial insurance policy holders do NOT have it. But, there are very small tremors daily, and of course there is always a chance of a substantial quake.
In fact, there was a quake a few years ago ago in a neighboring town a few over from us near Amherst. One of the municipal owned school buildings that is all stone and brick got hit by a tremor. It is now condemned and unrepairable – inasmuch the cost to repair is beyond the cost to re-construct a new building!
And guess what? They did not carry earthquake coverage because of the “we never get those around here” attitude has been adopted by a lot of people. With an all masonry building like that one, earth tremors equal major damage and very high costs to repair. Wood frame buildings can withstand quakes somewhat better, but there can still be considerable damage done from seismic activity.
Earthquake coverage isn’t that expensive in a low risk state such as Massachusetts. Just be sure that when you’re deciding between standard and more comprehensive policies to be sure that what you need to be covered is considered. Some earthquake coverage also considers landslides and sinkholes, so you will want to be aware of this when deciding on the coverage that you need.
We strive to inform all of our insureds and potential insureds of the danger of not carrying earthquake coverage. Honestly, the cost to cover it is very reasonable, especially when you consider the worst case scenario of a sizeable quake. Even if you’re in a low risk area, tremors do happen, so be prepared!